Temenos (SIX: TEMN), the software specialist for banking and finance, announces that SAFA Bank, a new Islamic banking entity launched in Ramallah Palestine, is now live on Temenos IslamicSuite.
SAFA Bank launched in Palestine with the main branch as the first bank in Palestine to run on Temenos core systems. ITSS, a Temenos partner, managed the project implementation and delivery. By deploying IslamicSuite, SAFA adopted a single core system to address all aspects of Islamic banking and is well suited to meet their needs in the retail and corporate banking sectors.
Commenting on this successful delivery of the project is Pierre Rafie, the Middle East Vice President of Sales from ITSS, “Demand for Islamic banking is outgrowing conventional banking. We worked with Temenos and SAFA Bank to devise a clear roadmap for every single phase of this Greenfield implementation, while ensuring the quality installment of the most effective Shari'ah compliant core banking system at the bank.”
Nidal Al Barghouti, General Manager of SAFA Bank said: “Temenos offers a best of breed Islamic banking solution, which is Shari’ah compliant and flexible, enabling us to continue to expand our presence in the market within Palestine and the West Asian region.”
Jean-Paul Mergeai, Managing Director for Middle East and Africa at Temenos commented: “By selecting Temenos IslamicSuite with its scalable innovative technology, SAFA Bank is best placed to leverage the high growth Islamic banking opportunity in Palestine with the flexible, low cost products that the market and customers dictate.”
Separately, As part of its digital transformation strategy, The National Bank (“TNB”) has announced successfully going live with the next-generation core banking system from the Temenos Group. The announcement was made during a press conference held at TNB’s headquarters in Ramallah, Palestine. Representing the bank was Mr. Ahmad Hajhasan, CEO, and Mr. Assaf Bleidi, the Project Manager.
As the first indigenous bank in Palestine to roll-out the Temenos’ system, TNB is at the forefront of deploying technology to improve and enhance its offering. In his address, Mr. Hajhasan highlighted the system's features, emphasizing that the change will result in a direct and tangible quality improvement across the bank’s services and will provide a strategic platform upon which TNB shall develop advanced and modern banking services and products. Moving to a unified, functionally rich core banking platform will support TNB in increasing customer convenience, enhancing the time to market of products and services, and reducing its operating costs.
The bank managed to successfully launch the system in record time compared to other regional and international banks. Mr. Hajhasan thanked TNB’s staff for their loyalty and dedication and for working around the clock to complete the implementation with professionalism and excellence. Furthermore, he praised the Palestine Monetary Authority for their continued support and supervision to ensure a smooth and effective transfer between core banking systems.
Mr. Jean-Paul Mergeai, Regional Director for Temenos in the Middle East and Africa, added: “We are delighted to see The National Bank go live with a new state-of-the-art core banking system. It will provide the technology platform to support scalable growth at the same time as enabling the bank to transform customer experience by launching products more quickly, offering Omni channel distribution as well as rich analytical services. In short, it will give a platform for the bank to outperform its competitors and realize its growth ambitions.”
TNB has purchased several banking modules, including Online and Mobile banking platforms, Temenos Corporate and Retail modules, Straight Through Processes, Treasury, Capital Market, Private, Wealth and Securities, CRM, Business and Financial Intelligence, FATCA, and the vendor’s interfaces such as SWIFT, ATM and Reuters.